Wednesday 12 December 2018
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inquirer - 22 days ago

Higher prices of alcoholic drinks loom as House panel OKs excise tax hikes  

Prices of alcoholic drinks such as distilled spirits and fermented liquor are expected to increase soon after a House of Representatives panel approved Tuesday higher excise taxes, although at lower levels compared with the original proposal of the Department of Finance (DOF). A technical working group (TWG) of the House ways and means committee green-lighted an increase of the ad valorem rate slapped on distilled spirits to 22 percent, on top of specific tax rates of P30, P35, P40, and P45 per proof liter yearly between 2019 and 2022 and a 7-percent annual hike beginning 2023. However, the rates approved by the TWG were below the DOF s proposal as well as House Bill (HB) No. 8286 ...

Keep on reading: Higher prices of alcoholic drinks loom as House panel OKs excise tax hikes  

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